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Live from the LIMRA Annual Conference, hosts Paul Tyler and guest co-host, Tom Rios sit down with Ken Leibow of InsurTech Express—a relentless chronicler of what's actually working across carriers and vendors. Ken breaks down the shift from AI talk to agentic AI doing, with underwriting workbenches embedding decision engines, Rx/MIB data, and scoring to move closer to instant decisions at point of sale. He maps today's reality in service and claims—AI clearing level-one while humans handle complexity—and explains why annuities and RILAs remain red-hot despite cooling predictions. If you want practical signals (not hype) on underwriting, workflow automation, and real-time CX, this episode is your fast brief. Learn more at thatannuityshow.com
Bryan Hodgens, senior vice president and head of LIMRA research, explains why standalone long-term care coverage remains scarce, and how hybrid products are emerging as key solutions to help families and younger consumers manage rising caregiving and retirement risks.
Live from the LIMRA Annual Conference, host Paul Tyler and guest host, Tom Rios explore the future of carrier communications with Stephanie Warren and Tim Mader of O'Neil Digital Solutions. The conversation looks beyond today's PDFs to a unified, intelligent platform where print and digital are orchestrated together—with auto-failover (email → mail), real-time delivery confirmation for agents, and 10-year, regulation-ready audit trails. They sketch what's next: dynamic, personalized content (QR codes, agent video intros), event-triggered journeys (policy issued, first annuity payment, claim payout), and template consolidation that unlocks governance and speed. Most importantly, they reframe communications as a revenue and referral moment—turning required documents into measurable CX wins while staying compliant. Learn more at
The life insurance industry just hit its strongest growth in over four decades. We break down the latest LIMRA data, which shows a 13% premium increase and 17% policy growth in Q2 2025. Cash value policies are driving this surge, not term insurance. Index universal life sales increased 21% year-over-year, while whole life sales grew 8% and variable universal life sales rose 4%. Term insurance remained essentially flat with just 1% growth. We examine which companies are issuing the largest policies and reveal surprising average premiums across different product types. Pacific Life leads with $208,000 average VUL premiums while National Life Group averages just $6,700 for IUL policies. The marketplace is shifting as more people choose permanent coverage over term insurance. We discuss theories about why younger generations might be more open to cash value life insurance despite decades of "buy term and invest the difference" messaging. We also explore the rise of indexed accounts in variable universal life policies and examine policy count data from major insurers. The episode covers which companies focus on overfunded policies versus traditional death benefit sales and what these trends mean for the industry. ______________________________ Ready to discuss your life insurance strategy? Contact us to explore how these market trends might impact your planning decisions.
We illustrate 5 life insurance myths and why your clients may believe them. Learn how to counter these objections so your clients can better understand the life product and you can make the sale! Read the text version Contact the Agent Survival Guide Podcast! Email us ASGPodcast@Ritterim.com or call 1-717-562-7211 and leave a voicemail. Resources: 4 Tips for Making a Better Insurance Sales Pitch A Quick Guide to Understanding Universal Life Insurance How to Make the Most of Life Insurance Awareness Month Identifying Ideal Clients for Universal Life Products Register with Ritter Insurance Marketing What to Do If Your Clients Can No Longer Afford Their Permanent Life Insurance Premiums When to Recommend Life Insurance Based on Its Tax Advantages References: “2024 Life Insurance Fact Sheet.” LIMRA.Com, LIMRA, www.limra.com/siteassets/newsroom/fact-tank/fact-sheets/2024-life-insurance-fact-sheet.pdf. Accessed 8 Sept. 2025. “2025 Facts About Life Insurance.” LIMRA.Com, LIMRA, www.limra.com/siteassets/newsroom/liam/2025/2025_facts_about_life_insurance.pdf. Accessed 8 Sept. 2025. “Ensuring a Protected Tomorrow with Life Insurance.” LIMRA.Com, LIMRA, www.limra.com/en/research/research-abstracts-public/2025/2025-insurance-barometer-study/ensuring-a-protected-tomorrow-with-life-insurance-partial-infographic/. Accessed 8 Sept. 2025. “Modernizing Life Insurance.” LIMRA.Com, LIMRA, www.limra.com/en/research/research-abstracts-public/2024/2024-insurance-barometer-study/. Accessed 8 Sept. 2025. “The Diner Dispatch: 2023 American Dining Habits.” Usfoods.Com, US Foods, www.usfoods.com/our-services/business-trends/american-dining-out-habits-2023.html. Accessed 8 Sept. 2025. “The Diner Dispatch: 2024 American Dining Habits.” Usfoods.Com, US Foods, www.usfoods.com/our-services/business-trends/american-dining-out-habits-2024.html. Accessed 8 Sept. 2025. Wood, Stephen, and Maggie Leyes. “2025 Insurance Barometer Study.” LIMRA.Com, LIMRA, 25 June 2025, www.limra.com/en/research/research-abstracts-public/2025/2025-insurance-barometer-study/. Follow Us on Social! Ritter on Facebook, https://www.facebook.com/RitterIM Instagram, https://www.instagram.com/ritter.insurance.marketing/ LinkedIn, https://www.linkedin.com/company/ritter-insurance-marketing TikTok, https://www.tiktok.com/@ritterim X, https://x.com/RitterIM and YouTube, https://www.youtube.com/user/RitterInsurance Sarah on LinkedIn, https://www.linkedin.com/in/sjrueppel/ Instagram, https://www.instagram.com/thesarahjrueppel/ and Threads, https://www.threads.net/@thesarahjrueppel Tina on LinkedIn, https://www.linkedin.com/in/tina-lamoreux-6384b7199/ Not affiliated with or endorsed by Medicare or any government agency.
Recorded live on the floor of the LIMRA Annual Conference, host Paul Tyler and guest host, Tom Rios sit down with Jim Kerley, Managing Partner at Clearview Partners, for a candid conversation on what really moves the needle: going deep with AI (not broad), building a clear roadmap, and supporting people through constant change. Jim shares pragmatic guidance for carrier executives—how to future-proof your career, reduce organizational stress, upskill teams, and use industry resources and peer networks to turn transformation into measurable outcomes. If you're leading strategy, operations, distribution, or product, this episode is your field guide to doing AI—and leadership—right. Learn more at
On this week's episode, Angela discusses the importance of life insurance and addresses common misconceptions about its cost and coverage. She emphasizes the need to assess whether individuals are adequately insured, especially considering that many Americans are either uninsured or underinsured. The episode aims to educate listeners on making informed decisions about life insurance to protect their families' financial futures. Key Takeaways
In this episode of Hancock Talks, we're excited to welcome Kartik Sakthivel, CIO at LIMRA and LOMA, and Mike Bellig, our new host. Together, they explore how AI is reshaping the advisor-client relationship, streamlining operations, and helping financial professionals better connect with the next generation of clients. Why you should tune in: Win over Gen Z & Gen Alpha: Discover how AI can help you meet younger generations' expectations for speed, transparency, and personalization Put the “life” back in life insurance: Learn how AI is shifting the narrative from risk to lifestyle, making conversations more meaningful and client-centric Augment human connection: Understand why AI should be seen as augmented intelligence— a tool to help you work smarter and deepen relationships, not replace them Start small, scale smart: Get practical tips on integrating AI into your practice today — from email summarization to personalized client insights Listen now to explore how AI can elevate your approach to life insurance sales and future-proof your business. INTENDED FOR FINANCIAL PROFESSIONAL USE ONLY. NOT INTENDED FOR USE WITH THE GENERAL PUBLIC. Insurance products are issued by: John Hancock Life Insurance Company (U.S.A.), Boston, MA 02116 (not licensed in New York) and John Hancock Life Insurance Company of New York, Valhalla, NY 10595. MLINY082625941-3
Kimberly Landry, associate research director, LIMRA, discusses how insurers can support employers in boosting benefit satisfaction and addressing changing workforce needs through tailored offerings and improved communication.
You'll discover why life insurance is experiencing remarkable growth in 2025, with industry-wide sales up 8% year over year. We break down the latest statistics from LIMRA showing which types of life insurance are leading the charge, including indexed universal life at 11% growth and variable universal life with an impressive 41% increase. You'll learn how the pandemic accelerated long-overdue modernization in the insurance industry, making it easier than ever to purchase coverage remotely. We discuss the shift from career agents to independent channels now dominating distribution, with 90% of indexed universal life sold through independents. You'll hear our take on why cash value life insurance continues to thrive despite decades of criticism from certain financial voices. We explore how middle-market buyers are increasingly using permanent life insurance as a diversification strategy within their portfolios, not just as a tool for wealthy estate planning. You'll also get insights into search volume trends showing three times more interest in whole life insurance compared to 10 years ago. We share real experiences from clients who've held policies for over a decade and explain why staying the course often pays off, even when the benefits take time to materialize. ______________________________ Ready to explore how life insurance could fit into your financial strategy? Contact us to discuss your specific situation and see if cash value life insurance makes sense for your goals.
Keith Golembiewski, assistant vice president, director of annuity research, LIMRA, discusses strong annuity sales, rising demand for guaranteed income and how insurers are adapting to meet evolving retirement needs.
In this episode, Paul Tyler interviews Kartik Sakthivel, Vice President and CIO of LIMRA, discussing the transformative impact of AI on the insurance industry. They explore the evolution of AI, its ethical implications, and the importance of governance. Kartik shares insights from his personal journey in the industry and emphasizes the need for AI literacy and operational efficiency. The conversation highlights the potential of AI to expand access to insurance and the importance of innovation from all levels within organizations. They conclude with a look at future directions for AI governance and resources available for industry professionals. Learn more at: www.thatannuityshow.com
Kimberly Landry, associate research director, workplace benefits research, LIMRA and LOMA, discusses the need for greater awareness and education around disability insurance, and how insurers can help protect consumers from unexpected income loss.
Keith Golembiewski, assistant vice president and head of LIMRA research, said that strong interest rates, market performance and growing awareness among plan sponsors fueled a record-breaking year for pension risk transfer deals.
Bryan Hodgens, head of research, LIMRA, discusses how economic pressures, remote work trends, and rising employer expectations are transforming benefits brokers into data-driven, consultative partners.
Mike Allee, president, Universal Conversion Technologies, discusses a recent joint report by LIMRA, Equisoft and UCT showing that 66% of U.S. life insurers and 46% globally are not prepared for AI implementation.
Bryan Hodgens, senior vice president and head of research at LIMRA, explores the sector's increasing priority on growth, with a focus on closing the protection gap that affects more than 100 million Americans.
About Julie Graham: Julie Graham has been with NFP since 2001, leading the Provider Benchmarking and RFP department. With over 25 years of experience, she helps plan sponsors reduce costs, enhance services, and optimize investments for 401(k), 403(b), and other retirement plans. A graduate of Oklahoma State University with a BS in Business Administration, Julie also holds a Master's in Organizational Leadership from Huntington University and is a registered investment advisor representative. She serves on NFP's Diversity & Inclusion Advisory Board and the boards of two non-profits. In her free time, Julie enjoys traveling Europe and hiking in Austin, TX.About Kameron Jones: Kameron is the Senior Vice President and National Growth Leader for NFP's Wealth and Retirement division, overseeing service innovation, client acquisition, and retention nationwide. With extensive ERISA, financial education, and employee benefits expertise, he helps clients protect fiduciaries, attract talent, and provide financial guidance to employees. Kameron has supported hundreds of mid- to large-market retirement and benefit plans, optimizing employers' strategies. A multiple-time NAPA Top Advisor Under 40, he has taught at UCLA, USC, and UC Irvine as an adjunct lecturer. Kameron also serves on LIMRA's Retirement Plan Advisory Board and holds a BA in philosophy, politics, and economics from the University of Pennsylvania, where he played football.In this episode, Eric, Julie Graham, and Kameron Jones discuss:Setting clear expectations and following a prudent process How live bids differ from blind bids Plan pricing philosophy Factors to consider in structuring a fee Key Takeaways:Engage all stakeholders early, setting clear expectations and timelines. Make decisions with employees' best interests in mind, follow a prudent process, document thoroughly, and avoid conflicts of interest.Conduct live bid RFPs every 3-5 years, sharing full plan details to maximize pricing leverage. Blind bids lack negotiation leverage, leading to less competitive pricing.Plan pricing should match the committee's fairness standards, considering plan size and demographics. Major record keepers sometimes offer blended fees based on account balances.Consider revenue sharing, flat fees, asset-based pricing, ERISA budgets, and DOL guidance for fair fee structures. Leverage economies of scale, negotiate competitive fees, and ensure investment quality through a thorough evaluation.“I think the best practice is to do live bids because when you compare against averages, you don't really have negotiation leverage. When you get live bids, your goal within gathering those is to maximize your negotiation leverage so you can go back to your current provider if you're happy with the services, and negotiate lower fees or enhanced services.” - Kameron JonesConnect with Julie Graham:Email: julie.graham@nfp.com Connect with Kameron Jones:Email: kameron.jones@nfp.com Connect with Eric Dyson: Website: https://90northllc.com/Phone: 940-248-4800Email: contact@90northllc.com LinkedIn: https://www.linkedin.com/in/401kguy/ The information and content of this podcast is general in nature and is provided solely for educational and informational purposes. It is believed to be accurate and reliable as of the posting date but may be subject to changeIt is not intended to provide a specific recommendation for any type of product or service discussed in this presentation or to provide any warranties, investment advice, financial advice, tax, plan design or legal advice (unless otherwise specifically indicated). Please consult your own independent advisor as to any investment, tax, or legal statements made.The specific facts and circumstances of all qualified plans can vary and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan-specific circumstances.
Bryan Hodgens, senior vice president and head of research, LIMRA and LOMA, said annuity sales surged 19% to $215.2 billion, with fixed index and registered index-linked annuities setting new records, according to LIMRA's U.S. annuity sales survey.
Kellie Benson-Bray, member relations director of workplace benefits, LIMRA, discussed how U.S. workplace benefits sales results were mixed in 2024's first quarter, and how demand for broader benefits packages are expected to grow in the next several years.
Are you trying to decide which type of life insurance to buy? You want to protect your family in case something happens, so how do you do it best? Whole life insurance is often rejected as expensive and a poor "investment," while mainstream opinion leans in favor of the "buy term and invest the difference" strategy, which involves opting for cheap insurance coverage and investing the dollars you save. https://www.youtube.com/live/QDyfZjPaMgc We'll guide you through the compelling story behind the "Buy Term and Invest the Difference" strategy, a concept born from Art Williams' personal experiences in the late 1960s. By examining the benefits and pitfalls of this popular approach, we empower you to make informed decisions tailored to your unique financial goals and risk tolerance. Explore the vital distinctions between whole life and term life insurance, and learn why a one-size-fits-all solution may not serve your best interests. Through relatable analogies and real-life examples, we break down the often misunderstood aspects of life insurance, helping you see the bigger picture. We also address the psychological and financial barriers that many face when considering life insurance, sharing insights from LIMRA and Dr. Wade Pfau on how whole life insurance can provide a stable safety net during economic downturns. Finally, we delve into the concept of becoming your own banker, illustrating how this alternative perspective can offer unparalleled financial flexibility and security. By understanding the sequence of returns risk and leveraging whole life insurance loans during market downturns, you can protect your investment portfolio and ensure long-term financial stability. Join us for an episode packed with actionable insights and strategies to enhance your financial planning journey. The Myth of “Buy Term and Invest the Difference”Breaking Down Insurance, Investments, and MoreCommon Pitfalls of Investing the DifferenceIs Term Insurance Actually Cheaper?Who is Buy Term and Invest the Difference For?Book A Strategy Call The Myth of “Buy Term and Invest the Difference” The idea of “buy term and invest the difference” is really common in the financial sphere, because on the surface it seems to make a lot of practical sense. After all, you're being told “buy cheap insurance to get the protection, then build your wealth in investments.” The problem is that this strategy doesn't work with certain goals. There isn't a singular, perfect insurance strategy to trump all else. There are myriad ways to get coverage, depending on what you want out of your dollars. Many people believe that Art Williams is the origin of this phrase; after his father passed, the whole life insurance death benefit didn't seem as large as what a term insurance policy could have been, and for less money. He felt strongly that his father had been sold the “wrong” policy, and so his life's mission became to get rid of whole life insurance. Curiously, he partnered with a mutual company, and the phrase “buy term, invest the difference” was born. Breaking Down Insurance, Investments, and More So what are the elements of “buy term and invest the difference”? It may sound like there are two things at play here, but really there are many factors to consider. While of course there's term insurance and stocks (or other investments, technically), you have to ask what that strategy is being compared to. And what that's being compared to is whole life insurance. Whole life insurance is insurance that is with you for your whole life, and if done with IBC in mind, can also be used as a warehouse for your wealth. Whole life insurance is guaranteed to pay out no matter what age you die, and if you live to the “end” of the policy (called endowment), the death benefit gets paid directly to you. This is permanent insurance in the truest sense. Comparatively, term insurance is insurance that you only have for a portion of your life.
The life insurance industry in the United States is large and growing. According to LIMRA, US life insurance premiums set a new record in 2023 with over $15 billion in new annualized premium sales. Only $3 billion of the total represents term life insurance which means 80% of the new premiums were generated from non-term policies. When insurance agents endorse the investment characteristics of life insurance, they are referring to permanent insurance which is a blend of insurance and investments. In this month's podcast, we discuss how the investment component of permanent life insurance works and how it generally performs compared to other investment options. If you are interested in learning more about how the investment component of permanent life insurance stacks up against other investment options, we think you'll enjoy this episode. Thanks for listening! For more details on permanent insurance, check out our blog post covering the same topic at https://pw-wm.com/learn/investing/is-life-insurance-a-good-investment/
#BRNAM #1678 | Staying Ahead of the Curve:Meeting the Threat of Fraud in the Financial & Retirement Services Industries Head On | Tim Rouse, Executive Director, The Spark Institute, Russell Anderson, CFE, Head of Financial Crimes Services, LIMRA & Pat Kinsel, Founder & CEO, Proof | #Tunein: broadcastretirementnetwork.com #JustTheFacts | For more information visit https://www.sparkinstitute.org
Bill Hodgins, head of research, LIMRA, explains what's driving fixed rate deferred annuity sales, which rose to $165 billion in 2023 after a record-setting session the prior year and more than tripling 2021's mark.
In this episode, Chris and Mike unpack the numbers from the 2023 LIMRA report on individual D.I.
“208 - Improving the #AnnuityUX in 2024 With David Hanzlik" Summary In this episode, Paul Tyler, Ramsey Smith, and Dave Hanzlik discuss the annuity industry and the changes that occurred in 2023. They talk about the rebranding of TruStage, the growth in annuity sales driven by the rate environment, and the success of fixed annuities and fixed indexed annuities. They also explore the potential for growth in niche markets, such as deferred income annuities, and the role of registered index-linked annuities (RILAs) in the industry. The conversation highlights the importance of making annuity sales easier for advisors and the potential impact of AI in the industry. The episode concludes with final thoughts and tips for annuity sales professionals. Takeaways The annuity industry experienced significant changes in 2023, including rebranding and growth in sales driven by the rate environment. Fixed annuities and fixed indexed annuities performed well in 2023, with advisors recognizing the value of the guarantees they provide. There is potential for growth in niche markets, such as deferred income annuities and registered index-linked annuities (RILAs). Making annuity sales easier for advisors and improving the ease of use of annuity products should be a focus for the industry. AI has the potential to play a role in improving operational processes and making the industry more efficient. Chapters 00:00 Introduction and Welcome 00:30 Recapping the Holiday Season 01:44 Changes and Rebranding in 2023 03:24 Annuity Sales in 2023 07:27 Growth in Niche Markets 08:08 Renewed Interest in Annuities 09:37 Behavioral Finance and Market Ups and Downs 11:08 Deferred Income Annuities and Income Solutions 12:04 The Role of RILAs in the Annuity Market 13:41 White Space in the Annuity Business 16:33 Expanding the Target Audience for RILAs 20:01 Making Annuity Sales Easier for Advisors 22:29 New Year's Resolutions for the Industry 25:15 The Role of AI in the Industry 27:06 Retire Tech Innovation Event 28:29 Final Thoughts and Advice 30:32 Closing Remarks Paul Tyler (00:01) Hi, this is Paul Tyler and welcome to another episode of That Annuity Show. Ramsey, good morning. Ramsey Smith (00:08) Good morning to you. Great to be here as always. Good morning to you. Paul Tyler (00:11) It is, and we've got a great guest, a returning guest, Mr. Dave Hanzlik Vice President, Annuity and Retirement Solutions at TruStage, formerly known as CUNA Mutual Group. Dave, welcome back. Dave Hanzlik (00:25) Hey, thanks guys. It's great to be back. How was your holiday? Paul Tyler (00:30) You know, it was too short, too short. And I'm paying for it now, paying for it now as we get ready for our upcoming sales conference here that I'm looking forward to. Ramsey, yours. Dave Hanzlik (00:34) Yeah. Ramsey Smith (00:44) Good holiday. We actually spent some time in New York, which is sort of our historic home, which is fantastic. During the Christmas season, it was so, so busy. Frankly, it's great to see what looks like a really great strong recovery for the city over the course of the last year or so. So it's just great to see that kind of energy in the city. So it was fantastic. And other than that, college applications. So busy. Paul Tyler (01:09) I don't know. Judging from the sketches on your wall, I don't think you're quite there, Dave. Dave Hanzlik (01:14) No, not yet, although these are several years old. So, yeah, yeah. Paul Tyler (01:18) Okay. Yeah. Hey, well, listen, we actually had a chance to catch up in person at the Limerick Annual Conference, which was great. But, Liz, it's hard at the beginning of the year not to look back and then look forward. You know, looking back to 2023, it was a big year in the annuity industry and also, you know, a big year for your company. Do you want to talk about the changes and the new name, maybe? Dave Hanzlik (01:44) Yeah, yeah. I mean, 2023, as you mentioned. true stage. We went to market and changed our name and brand in 2023. If anyone has done this before that's listening, they know this is a lot of work and wonderful, wonderful dedication from a bunch of talented folks. But it's really about for us, you know, we had a family of brands and we recognize that we want to over time really connect. Paul Tyler (02:05) Oh yes. Dave Hanzlik (02:21) across all the life stages of our customers, the financial services solutions that we can bring in. A huge part of that is our annuity and retirement solutions that help people as they're getting to and living through retirement. So I'm very excited about it and happy that we're through the first phase of it. Brand changes, there's always some things that trail for some period of time, but we think it's going to be a great thing for our annuity business. true stage business in general. Ramsey Smith (02:56) Fantastic. So look, we're coming off to Paul's point, a great year in annuities. A lot of that's been driven by the rate profile. And so curious to hear your thoughts, you know, one on sort of what segments you saw doing well and why you think they did well in 2023. And then we can sort of shift gears 2024, what that's like, what that's probably going to look like based on what could be. higher rates for longer or maybe things sort of pull back a little bit. So tell us a little bit about 2023 for starters. Dave Hanzlik (03:30) Yeah. And, you know, Paul, you and I saw a lot of this when we were together at the annual meeting. First of all, as we entered into 2023, we're coming off a historic year for the annuity business in general, over 300 billion of sales in 2022. And we're probably going to end up 2023 over 350 billion of sales. So another 20 plus percent year over year growth number. You know, yeah, Ramsey. and Paul, we heard this, the rate environment is a big, big mover of this. And I think it's, you know, a couple of things we've seen, like one is it's helped, you know, recapture the imagination of advisors recognizing, you know, where annuities can help their clients. And in particular, we've seen the fixed annuity space, the MYGA multi-year guarantee annuity space has done extremely well. And fixed index news did really well. And those are, I think a lot of that was driven by interest rates and advisors identifying that this was the value proposition was really hard to ignore for their customers. We also see the, what I saw in 2023 was a continuation though of growth and a number of other categories as well. The registered index links annuity space and another year that is over 10% growth. and probably going to reach 50 billion of sales in 2023. So although it was around rates, I think what we were seeing is just advisors understanding and recognizing that the value of the guarantees that annuities can provide and really bringing it more to their customer base and taking advantage of how the rates and guarantees were showing up. vis-a-vis what we'd seen in the past decade plus of the low rate environment. Paul Tyler (05:31) Yeah, it was hard not to have a conversation at LIMRA about rates. And, you know, it was a blessing, it was a curse. I mean, the blessing in that you could sell, you know, the products are able to, we're able to show bigger rates, bigger interest rates, higher cap rates. You know, challenges, it was the speed at which it increased. I think a lot of companies had challenges, you know, repricing those MiGAs. I mean, David, we, you know, we would... go out thinking we were going to be number one and number two. And by the time the rates hit, we were like in fourth place. It was, it was a crazy, crazy year. And then when the business did come in, did you have enough people in place, uh, to actually process the business? And, and, uh, I think, uh, we as a collectively, as a whole in the industry, I think we did a pretty good job, but I know that, you know, there were, there were service issues along the way. Dave Hanzlik (06:05) Right, right, right. Yeah, I think one of the, yes, there was a blessing and curse, you know, helping a lot more people using annuities, but stressing the operational administration framework of the industry. So, but I also think that's going to be a positive as you move forward in 2024 and beyond. I think as an industry, we were recognizing that there are some ways of looking at technology, data and... the service models that could be advanced to take on spikes in business, more business. And it's just sometimes a crisis forces involvement and advancement. So I think that's something that we're going to see as a major. And she's continuing to get better at service and administration and processing of business. Ramsey Smith (07:27) So one of the things you and I talked about a bit, Dave, independently was some other areas that have seen growth that have been sort of smaller markets. So we had talked about Diaz in particular. Is that, and again, it will unlikely ever to be as big a market as FIAs or RILAs, et cetera, but there is a market. Is that an area that you think will continue to see growth and attention? I can say that certainly, I've received inbound calls on them in a way that I hadn't in the past. So I'm curious if you're seeing any of that in your business sort of profile and if you think that might be part of the future as well. Dave Hanzlik (08:08) Yeah, I do think, you know, Ramsey, as we move into 2024, there's, you know, there's advisors and clients are going to take a renewed interest and look at annuities in general, not just my guys or fixed index annuities. They recognize like, well, there's value here and that the higher rate environment has kind of been an impetus for looking at. So for example, deferred income annuities. I think, I think you and I talked, I think part of it was like, hey, look, because of the rate environment, there's could just, this could actually just help people identify that there's, there's a deal here. And you know, there's something that we haven't been able to tap into for a few years because how low rates have been. I think just generally though, like income has been something that in 2022 and 2023, a lot of people weren't focusing on. And, but I think as the latter parts of 2023, we started to see more interest in it from an industry perspective. And I think you can continue to see that. And if you look at industry data, it hasn't really gone away. It's just the accumulation side has just exploded. And the need's still there. I'd also be curious, Ramsey, and it kind of was adjacent to our discussion, was part of it is... Ramsey Smith (09:24) 100% Yeah. Dave Hanzlik (09:37) a number of discussions, plenty of these discussions in 2023 where people are like, well, rates are so great. This is the time we should, there's a deal here. And so, you know, and part of, for me, part of it's like, well, that this is part of what annuities are supposed to help people with, which is help them like not get swayed by ups and downs in markets. So Ramsey Smith (10:04) Mm-hmm. Dave Hanzlik (10:05) there is a little bit of a lot watching behavioral finance play out where people like rates look so good. Now I'm going to jump into this, you know, universe. So that is something I think as we move into 2024, you know, again, looking at like, how are people looking at plans, their long-term plans, and, you know, I think a crisis can help people kind of re-examine what their long-term goals are. You know, someone feels like they could be all in equities and then, you know, markets drop 30%. Maybe they really can't be. But I think that's something that will be a really interesting topic and item to kind of navigate in 2024 is kind of get back to – and partly I think rates are going to level out a bit here. And as they do, now are people going to kind of start looking about what is the financial plans that we're putting in place for our clients? what are the solutions that can make sense? And income, I think, is one of them. Ramsey Smith (11:08) Yeah, no, absolutely. I mean, it was an interesting discussion I had with this client, ultra high net worth individual. And so liquidity was not an issue. It was really a matter of, so the issue of a deferred income annuities, you essentially have a loss of control of the assets you allocate to it. And so liquidity wasn't an issue for this client. It was very much this idea of creating some sort of counterpoint, some diversification into a portfolio that otherwise was risk loving, is probably not the way I'd put it, but risk comfortable. It was a very sophisticated investor. And so that's why I thought it was interesting. And to your point, like pricing levels were very attractive, both because of rates and because of appetites relative to longevity risk, you know, at that moment in time. And so I think it worked out well for all parties involved. Dave Hanzlik (12:04) Yeah, I think, you know, when you look at income today, the industry has, you know, learned a lot of lessons during the Great Recession and, you know, now has deferred income annuity is a great tool, right, Ramsey, for those that don't need the liquidity. But I think the pricing and the creativity around solutions, whether they be in the variable annuity space, the redshift, and the annuity space. fixed the next news was in the fixed annuity space, which are almost very close. There's fixed annuities with income options that are very close to deferred income annuity except with liquidity, right? So I think there's a lot of great options out there. And I think the industry has done a really good job of setting up the solutions that can be appealing to customers, as well as, you know, we've got... we have the risk return, risk management piece down really well. Paul Tyler (13:08) And Dave, I guess, where do you see the biggest white space in the business? I mean, there are ones where if you look at the reports, you say, okay, well, how do we increase penetration in the RA channel? Ramsey, your topic, how do we get more annuity sales in the workplace? The numbers are low, the opportunity is big, but it's also the barriers are really high. I mean, if you sort of think of your CEO of the industry. Where would you say we should be putting our bets here over the next few years? Ramsey Smith (13:39) That's a great question. Dave Hanzlik (13:41) Yeah, I mean, I think those two topics as well as if you think about the topics of, you know, income and retirement plans and the solution that, you know, what's consistent in all of them is the complexity of trying to, you know, have a technology stack and operational stack that can fit within how those marketplaces work. because they weren't created to accommodate the kind of guarantee solutions. And so I think that's the big challenge to, I think all three of those are really interesting opportunities. But if you're asking me like, okay, Dave, like next few years, where do you think the white space is? I mean, this is no surprise given kind of what our company focuses on. I still think registered index link annuities is a... wonderful solution because it captures the, you know, addresses the need. Everyone, you know, people are using news because they want downside protection. And then with RILAs, they have the upside potential that they need. And now it's had a lot of discussions and there were discussions at the Limmer meeting, Paul, like, well, you know, because of where rates are, does this mean like RILAs aren't as important? And you still saw... double-digit growth in RILAs in 2023. And when I talk to my counterparts and other companies, everyone has a RILA or is looking at it, you know, because I think it's just a really creative solution that can kind of bridge a gap of, you know, because people need to continue to grow their asset base, right, but they also, guarantees are a wonderful way of kind of helping them navigate risk and, you know. of control their behavior risk as well as stabilize the portfolio. And even like, it goes back to Ramsey when you're talking about your higher net worth client that was like part of using like a deferred income annuity, it stabilizes part of their portfolio that allows you and them to work on taking risk in a fashion that makes more sense for their needs. And so, Ramsey Smith (16:02) Mm-hmm. Dave Hanzlik (16:13) A lot of, so I really think RILAs are, they'll continue to see them become a bigger and bigger slice of the NUIDI product. Ramsey Smith (16:21) Can I just sort of extend that a little bit? Just curious, and I have a follow-up comment. So RILAs are interesting. RILAs are registered. So a different, potentially different type of advisor has to sell it, right? And so I guess my question is like, so is there beyond just the fact that it has practical implications for the customers, does it open up a new target audience? Has it opened up a new target audience for you in terms of advisors that you are or could work with? Dave Hanzlik (16:33) Right. Yeah, we've seen it in two fashions, Ramsey. One is, we found that with, you know, it is registered. So, but, you know, some advisors that are registered tend to work with, you know, tend to work with fixed annuities more, fixed index. They tend to work, you know, we found that this has kind of helped them open up, you know, a better way of getting after upside potential with their customers. Ramsey Smith (17:08) Yeah. Dave Hanzlik (17:19) with a customer base that tends to be more conservative that they say, oh they want to manage accounts or they want to be in mutual funds, but then as soon as there's a market correction they want to run back into CDs and fixed annuities. So this has been able to help those advisors and have a more logical solution to help their customer base. The other place is, and this is I think, is folks that advisors that just really weren't using annuities, right? Because they're very comfortable with efficient frontier optimization. And this is something we have many conversations with. We're like, how do you do this? Conversations where we had to kind of like, how does the, how do you, are you sure this makes, you know, advisors are really, maybe have your background, Ramsey, that they really understand how it how insurance companies construct these solutions. I think it could be something that could help us with the RIA space, traditionally a space that's more focused on just not using guaranteed solutions as much. So those are the two places we've seen as our company, where we've seen some build bridge out into some new space that we weren't seeing before. Ramsey Smith (18:29) Yeah. So part of the reason I bring it up is I recently was asked by a family member, a friend actually, to take a look at a portfolio that somebody who was retired had and it was run by sort of a name brand advisor shop or a wirehouse type. And I looked at the asset allocation and 10% of it was allocated into what they called alternatives. But essentially they were structured notes. I looked at the structured notes and it's like... these structured notes have the same risk profile that a RILA would have. They were really, you know, twin with what are, other than the fact they were written on a bank's paper, as opposed to written on the paper of an insurance company. So I think that sort of the aha moment for me was that, like, there's already use of very similar products already in there. Sometimes they're based on sort of central asset allocations. Some, you know, maybe they're, made at the company level and the advisors just sort of take what the investment they're supposed to do but it's my way of saying that like there are there are places where things that are close enough to Rila's already exist and are being allocated that might be a business opportunity for you and for others in the space. Dave Hanzlik (20:00) Right, right. Paul Tyler (20:01) Interesting. Well, you know, we've had Joe Jordan on a couple of times. I worked with Joe back at MetLife way back when, and Ramsey, well, he always said was, how do you get somebody to do something new as you make it look like something they already do? So, and I think these products that we put out, as much as we think and talk about consumer value, it's, whoever the independent agent, the registered rep, the independent financial advisor, kind of be, they have to, the product has to be one that they feel comfortable selling it probably as close to the process they've already done. Ramsey, I'm presuming you had probably a relatively easy discussion saying, look, you already own these bank structured notes. Look at this product over here. It's kind of similar and maybe it's a little more efficient. Ramsey Smith (20:48) Yeah, so I was evaluating, I wasn't selling this. I was just trying to help them understand what they had. But I think it's that balance between pattern recognition, like the advisor understands it well enough, but your offering as TruStage is unique enough that they understand that it's different than the other things that they recognize enough that it's in their comfort zone. And that's the balance that you... Paul Tyler (20:52) Yeah. Dave Hanzlik (21:15) Yeah, I really like this question. It does remind me of one of the things that as an industry we really need to continue to focus on, whether it be in new spaces that we have under-penetrated like RIAs or just our current spaces, our current broker-dealer partnerships, how do we continue to make it as easy as possible for the advisor and client to use our solutions because it's a highly regulated... industry. There's a lot of complexity of just trying to pull sources of funds and all that. And that continues to be, you know, and it's always a topic at our industry conference. There's multiple topics on this and it's something that we continue to focus in on in terms of our investments and the industry in general. And that's one of those things that I, you know, I continue to encourage my peers to like, where are we finding ways of Ramsey Smith (21:46) Sure. Yeah. Dave Hanzlik (22:10) collectively trying to make this better for those that we're working with. It's not about, we're trying to just help make this solution more widely available, more easily usable in the different fashions that clients are getting served around their financial and retirement needs. Ramsey Smith (22:22) Yeah. Paul Tyler (22:29) So what would you put? It's January. We're still pretty close to the first New Year's resolutions for our insurance industry to do exactly that. They make it easier for advisors to explain these things and communicate the value. Dave Hanzlik (22:45) Can you say that again, Paul? Sorry. Paul Tyler (22:46) Well, what would you, you know, if you had a new year's resolution list for the industry, you know, what would make the top of the list there to make it easier to sell products to clients? Dave Hanzlik (22:59) Yeah, I think it would really be a focus in on working with the distribution partners. you know, how the solutions are, you know, seen and evaluated. And it kind of goes back to think what you, you know, Paul, you and Ramsey were kind of talking about before, like the pattern recognition and I was really working hard on with our partners, how this is similar to where this is similar to things that they're comfortable with and how do we kind of fit them within that technology and operational and process stack and say, Hey, like it's, it's not the same as what you have. It has some. advantages, you know, that provided, you know, allow it to be, you know, another arrow in the quiver. So I think the focus on like education of, you know, how this is similar and then how do we make it as easy as possible to kind of fit it within the process. Because I think that's oftentimes what we see in terms of what we get in some pretty specific discussions with our distribution partners. It's like... lot of it's like they like this when they understand this solution they like it and then it's just like well there's all sorts of things that we all these roadblocks to make it harder you can make it hard for an advisor to potentially use it and it's not to say like a news or that much there's so much more hard harder to use there's always like some like mutual funds management there's always things that can kind of get in the way of using them for a variety of reasons but that's what I would focus in on Ramsey Smith (24:25) Mm-hmm. Agreed. Well, I think when you sort of peel back the onion on virtually any financial product, even, and I say this sometimes, that even index funds are, I think, are more complicated than people think. It really ultimately comes down to sort of comfort and familiarity. I think that ultimately is what makes the world move, make this world move. Yeah. Paul Tyler (24:44) Okay. All right, so I got a double click on this here, Dave. So, you know, I was there at LIMRA on this platform, this panel talked about Ramsey Smith (25:10) Uh oh. Paul Tyler (25:15) AI, general, genera of AI. Boy, great for pattern recognition, great for, is that, what kind of role is that gonna play in 2024 in our industry, do you think? Dave Hanzlik (25:15) Yeah. Well, I think every single company in the industry is looking at it and trying to figure out, because I think we've all seen the applications of it. Hey, look, it'll write a term paper in 10 seconds. It'll take a... create a 40 slide PowerPoint for you in 10 seconds. So, us and our peers are all looking at where are some places that it can be used. But it's one of those things that there's a host of other issues that you have to navigate, because all of our companies are handling very sensitive information. And so, part of what we need to do is make sure we're... We have it in the right spots and really understand and test through it. But I think for us again, in 2024, I think the industry, it will be more around how can we make operational processes more efficient and then, you know, and then just kind of watching like, okay, are there other places we can extend it and how can we fit that within appropriately within privacy, security, regulatory frameworks? Because again, This is really, there's definitely sensitive stuff here that we all deal with, and rightfully so. How about you, Paul? What do you think? Paul Tyler (27:06) Oh, I'm bullish on it. In fact, don't get me started. No, I, listen, you know, I, everything you say I'm living, living the dream with our internal groups, but we've got some interesting sort of pilots, uh, in the works here. Ramsey knows some of them. Um, I do think we're going to have a great event Ramsey, if you want to talk about it in April, April 8th out in Las Vegas, talking about retire tech innovation in retirement, David, hope we can get you out there and your team. Um, Ramsey Smith (27:08) You're going to get him started. Don't get him started. We won't have time. Dave Hanzlik (27:10) Hahaha! Paul Tyler (27:34) send you some information on it, but this would be the third event that we've held. Ramsey, I think, yeah, you've been... let's see... Ramsey Smith (27:41) This will be two out of three. So the first one was in Hartford a couple years ago and I was traveling so unfortunately I couldn't make it. You guys sent me a nice message. You sent me a short video letting me know I was missed. So I definitely appreciated that. And then the last one was earlier, I want to say earlier this year, no it was last year. It was March of last year, sponsored by Capgemini. You guys put together a great space with them. That was fantastic. And now we're going on to the big stage. We're going to Las Vegas. So you know. Dave Hanzlik (27:44) Mm-hmm. Paul Tyler (27:52) Ha ha ha. Ramsey Smith (28:10) must be doing something right. That's fantastic. Glad to be part of it. Paul Tyler (28:12) Yeah. So it was great to have you on here. I don't know, any parting thoughts, advice for people actively selling annuities and having these conversations with clients on a daily basis? Dave Hanzlik (28:29) Yeah, you know, maybe we kind of touched on this before, but two things. One is like, do you think, you know, we should always navigate through recency bias? Like, it's been a high-rate environment, but you know, like, I think a lot of the opportunities are around, you know, with annuities in particular, it's like, hey, like, there's some great innovation that's happened and continuing to kind of explore how it can help from an income perspective, accumulation perspective. That's one layer. It's just continue to challenge like, you know, what solutions you're using and how that fits in with the longer term plan that you're working with your clients. And then the second one is I think this theme that we're kind of getting after like, you know, and one that we'll continue to work on and focus on is like, how are we trying to make the process of working with our industry as simple as possible and how are we like looking at tools like AI to kind of make this. These solutions and the partners we're working with make it as efficient as possible to help serve clients. Those are the two things that we'll continue to zero in and focus on. We're coming off, again, probably it'll be a historic year. I think that lays a great foundation to continue to help people with these solutions and things we can do as an industry. Paul Tyler (29:56) All right, this was great. Ramsey, any final thoughts, questions? Ramsey Smith (29:59) Oh, that's, I look, I just want to, I agree with Dave, ease of use. Ease of use is a growth, is a growth area for our industry. And I say that from somebody that touches the industry in many, many ways, distribution, my risk management from my former life as a board member. I think ease of use is, uh, ease of use is, is really going to be a, uh, an important and valuable growth area for, not just for the clients, but also for. You know, the, all of us that work in the industry, I think it will be. Paul Tyler (30:07) Hahaha! Ramsey Smith (30:29) think it will be universally beneficial. Paul Tyler (30:32) Annuity UX. What do you think about that, Ramsey? Is that a hashtag? Dave, you like that? 2024, hashtag Annuity UX. All right, Dave, hey, thanks so much. Look forward to having you back. And well, listen, we'd love to catch up with you later in the year. Ramsey, thanks. And thanks to all our listeners. Join us again next week for another great episode of That Annuity Show. Ramsey Smith (30:36) Sure, yes. Dave Hanzlik (30:39) It's great, Paul. You're the Chief Parking Officer, so... Ramsey Smith (30:40) Yeah. Here we go. Yeah. and Sure. __ Paul D. Tyler | CMO ptyler@nfg.com https://nfg.com M: 914-356-2138
Alison Salka, senior vice president, director of research, LIMRA and LOMA, said life insurance execs name profitable growth and leveraging technology as top challenges; less than a third consider their companies well equipped to meet that challenge.
Investing Volatility A recent client survey by Charles Schwab produced some viable insights during difficult times like this. Over the longer term 33% of investors attributed their greatest investing success to patience through volatility. It is hard to patient during the ups and downs, but the reality is when holding good quality investments, it has proven to always be the right thing to do. Unfortunately, patient doesn't mean 2-3 months and sometimes it may mean 2-3 years. The funny thing is that even though that patience has always paid off, our emotions lead us to want to sell at the worst times and many people end up doing so costing themselves drastically in the long term. The second most cited reason for clients' greatest investing success was careful research which came from 16% of respondents. We always tell people that before we step in and by a company, it's at least 10-15 hours of research. This doesn't mean you won't have volatility, but it does give you more comfort in knowing and understanding your investments during the difficult times which allows you to be patient. The biggest culprit for an investors worst investment was lack of research with 20% saying this was the cause. This doesn't surprise me as many people are quick to jump into the hype or invest in something because a friend or family member thought it was a good idea. Unfortunately, like the survey shows we have seen this work out poorly for many investors. Another big culprit for the worst investment was high risk with 13% of respondents citing this reason. In today's society people want to try and make a quick return, but that is not how investing works. People want to try and get big returns and they end up losing massively. We tell our client's a reasonable target should be around 8-12% in the longer term. Anything in excess of this and you are likely taking big risks that could put your portfolio in jeopardy. PCE There wasn't much in the Personal Consumption Expenditures Price Index (PCE), which is the Fed's preferred measure for inflation. The headline number was up 3.4% which was the same as last month. The core PCE, which excludes food and energy was up 3.7% and was one-tenth lower than the reading in August. Core PCE hit a peak around 5.6% in early 2022. With the aggressive increase in short term rates, the recent increase in the 10-year treasury, and the resumption of student loan payments likely slowing the economy somewhat I still believe the Fed should allow these hikes to sink in and evaluate where we stand in the coming months. Recession It is interesting how many people believed we were going to see a recession in 2023, but yet the numbers keep proving the doubters wrong. Today's Q3 GDP report showed annualized growth of 4.9%, which topped the estimate of 4.7%. It's important to point out that this report does account for inflation. The primary driver of growth here was the consumer as spending increased 4% in the quarter and accounted for 2.7 percentage points of the total GDP increase. Both goods and services saw nice increases as spending grew 4.8% and 3.6%, respectively. Gross private domestic investment also saw a major increase of 8.4% and accounted for 1.5 percentage points of the total GDP increase. Within this category the change in private inventories was the major contributor as it accounted for 1.3 percentage points of the headline number. Government spending and investment also grew 4.6% and accounted for 0.8 percentage points of the headline number. The only detractor in the report was trade as the net exports of goods and services took away 0.08 percentage points from the headline number. While I believe this will likely be the highest GDP report we see for some time, I do believe we can still avoid a recession as the consumer remains in a good spot. Financial Planning: Annuity Sales Continue to Grow As market volatility continues, annuity sales continue to climb. Last quarter annuity sales hit $89.4 billion which is an 11% increase over the 3rd quarter of 2022, according to LIMRA. Sales reached a record in 2022 and that record may be beat in 2023. This is common during times of uncertainty in the market as investors and retirees look for safer places to put their money and many advisors are happy to sell them. This can feel more comfortable in the short term, but typically leads to underperformance in the long term. Retirees must remember that inflation and longevity risk, in addition to market risk, need to be factored into their retirement income plan. Annuities reduce portfolio volatility and can provide peace of mind at the expense of performance. Even in retirement, assets need to grow to outpace inflation and provide income, and lower performance increases the risk of running out of money too soon.
Amid concerns about equity market volatility, investors are becoming more conservative and more interested in adding annuities to their portfolios, said John Carroll, LIMRA senior vice president and head of insurance and annuities - U.S. and Canada.
While Life Insurance Awareness Month draws to a close, we're making it easy for you to take advantage of the important insights it provided. Simply tune in to the latest episode of Hancock Talks, where we are joined by Elizabeth Caswell, Research Director, LIMRA and LOMA, and host Carly Brooks, Head of Advanced Markets at John Hancock as they dive into a timely discussion that can help you:Prospect to different types of clientsRecognize barriers to the purchase decisionUnderstand your clients' needs and uncover new opportunitiesSee how demographics impact the buying process Motivate clients to make a purchaseFor financial professional use only. Not intended for use with the general public.Insurance products are issued by: John Hancock Life Insurance Company (U.S.A.), Boston, MA 02116 (not licensed in New York) and John Hancock Life Insurance Company of New York, Valhalla, NY 10595.MLINY092123869-3
From adjusting to hybrid work to a new generation of employees, the future of work seems more uncertain than it was a few years ago. Chris Morbelli, EY Americas Life & Group Insurance transformation leader discusses the findings of a LIMRA-EY collaborative study that surveyed employees across industries and organization sizes.
In this episode, Chris and Mike talk about the Q2 2023 LIMRA results and the impact UNUM has on the GSI market.
In this episode, Chris and Mike talk about the Q2 2023 LIMRA results and the impact UNUM has on the GSI market.
Todd Giesing, assistant vice president, LIMRA Annuity Research, said total U.S. annuity sales climbed to $181.1 billion, setting a new record, in the first half of 2023, and LIMRA forecasts a strong second half of the year.
New research from LIMRA and EY shows that workplaces have reached a “generational tipping point.” Millennials and Gen Z employees now make up the majority of the workforce — and are on pace to constitute 60% by 2031.1 These younger workers (42 years old and under) have different benefit preferences from the Baby Boomers and Gen X cohorts for whom benefits have traditionally been designed, and greater needs when it comes to benefits education and enrollment. LIMRA's Kimberly Landry joined John Stibal from Unum and Michael Stachowiak from Colonial Life to discuss how HR should react to this profound generational shift.A much broader view. According to Landry, LIMRA's second annual Benefits and Employee Attitude Tracker (BEAT) study shows that younger employees still want core benefits above all else. But they also want their benefits package to include a wider variety of supplemental health, wellness, mental health and other benefits. “The benefit programs of the future need to be more customizable and provide more options for employees to pick and choose from,” says Landry. [02:02]More choice means more confusion. As employers offer a larger number of benefits, they will need to increase their efforts to educate younger benefit consumers, according to Stachowiak. Stibal agrees that education is important to making informed decisions because with choice, “your employer is not making the decisions for you any longer.” [04:00]More benefits are more important. According to the LIMRA/EY Harnessing growth and seizing opportunity: 2023 Workforce Benefits Study, employers and employees both assign a high degree of importance to a fairly long list of benefit options. To compete effectively for talent, employers need to show that their benefits portfolio contains a wide range of choices to fit employees' differing needs. “About half of the employers in our survey told us they expect to be increasing the number of benefits that they offer in the next five years,” Landry says. [06:30]The biggest change since last year? Importance of leave. Employer perception of the importance of paid family and medical leave benefits jumped 26% over last year, as shown in the LIMRA/EY study. “Paid family leave sounds simple, but it's really, really complicated for employers,” says Stibal. Between complying with multiple federal, state and local leave laws and creating a good experience for employees administering leave is a challenging issue for employers. Employers may want to outsource [A1] leave management to a carrier who can provide a good combination of technology and human support. [13:00]How does all this factor into enrollment? As employers offer more benefits and as employees need more education, it's important to be mindful about how you roll out your benefits enrollment. Some best practices:Spread communication out over time in a drip campaign instead of bombarding employees with an overwhelming amount of information all at once. Talk about only one or two benefits at a time, so employees can pay equal attention to all their options. Communicate more about brand-new or unfamiliar benefits. Encourage employees to start enrolling early in the enrollment window, so they have time to ask questions and make informed decisions. [27:12]
Two new reports illustrate that employee expectations are high and getting higher. A March 2023 Unum survey shows that 87% of employers recognize that their employees expect more from them in terms of care and understanding.1 And the latest “BEAT” study from LIMRA shows that employees overwhelmingly value paid time off and other leave and insurance benefits, even more than flexible work schedules.2 In this episode, two of the foremost U.S. leave experts — Unum's Ellen McCann and Angel Bennett — discuss the implications for employers in this tough post-pandemic labor market. Employers are catching up. [01:47]Diversity is driving change. [04:30]Complexity is here to stay. [06:03]Paid leave is getting hotter.[07:11]Employers can't do it alone. [09:40]Companies that outsource free up time. [10:37]Care impacts the bottom line. [14:38]One key message? [17:28]Read the full show notes here.
June 12, 2023 on ForYourBenefit, host Bob Leins, CPA® welcomes Tony Zerante, Chief Strategy Officer, and Stephanie Baker, Chief Experience Officer, WAEPA. Across the country, there is still a significant need for life insurance, both from consumers who don't own any and from those who have some but need more. The Insurance Barometer Study, published annually by LIMRA, works to identify this need. Blending estimated U.S. adult population data with the survey results suggests the total life insurance need gap now encompasses 101 million adults. Today's guests will talk about the insurance need gap. What exactly is it? Why is it important for the insurance industry, and consumers, to consider? For questions or comments, email us in advance at ForYourBenefit@nitpinc.com
In over 300 episodes of Your Financial Pharmacist, we haven't covered much about annuities and today, Tim Baker, CFP®, RICP®, RLP® joins Tim Ulbrich, PharmD to do just that. On this episode, sponsored by First Horizon, you'll hear all about what annuities are, the main types and how they differ, common misunderstandings, fees associated with annuities, and how they can assist with building a retirement paycheck through the flooring strategy. Links Mentioned in Today's Episode First Horizon's Pharmacist Home Loan LIMRA: 2022 US Retail Annuity Sales Shatter Annual Sales Records Set in 2008 YFP Episode 275: How to Build a Retirement Paycheck YFP Episode 242: Social Security 101: History, How it Works, and Why it Matters YFP 294: 10 Common Social Security Mistakes to Avoid Immediate Annuities Website YFP Planning: Fee-Only Financial Planning for Pharmacists YFP Disclaimer Tim Baker on LinkedIn Tim Baker on Twitter Tim Ulbrich on LinkedIn Tim Ulbrich on Twitter
In this episode, Chris and Mike talk about the results from the 2022 LIMRA Report on Individual Disability Insurance sales.
In this episode, Chris and Mike talk about the results from the 2022 LIMRA Report on Individual Disability Insurance sales.
Talking Guaranteed Lifetime Income Solutions with Allianz Life's Michael De FeoGuaranteed lifetime income in retirement plans is a hot topic these days, with study after study revealing that Americans want to know more about it and view these products as a good fit to help them reach their financial objectives.While 401(k) plan sponsors are showing increasing interest in adding guaranteed income products to their benefit programs, there's still a lot of confusion surrounding what they are and how they work among retirement plan advisors and plan sponsors alike.To help us sort it all out and understand what's happening in this growing market, we are joined by Michael De Feo, Head of Defined Contribution Distribution at Minneapolis-based Allianz Life Insurance Company of North America, which has recently expanded into the defined contribution market as more Americans say they want guaranteed income options in their employer-sponsored plan.De Feo shares his insights about how the SECURE Act and SECURE 2.0 has spurred innovation in guaranteed lifetime income product design, the barriers to widespread adoption these products still face, and a shift toward more personalization through managed accounts and hybrid plan design.---------------1 Institutional retirement reference guide, LIMRA, 2022.2 U.S. Defined Contribution Distribution 2022, Cerulli & Associates, 2022.This content is for general informational purposes only. It is not intended to provide fiduciary, tax, or legal advice and cannot be used to avoid tax penalties; nor is it intended to market, promote, or recommend any tax plan or arrangement. Allianz Life Insurance Company of North America, its affiliates, and their employees and representatives do not give legal or tax advice or advice related to Medicare or Social Security benefits. You are encouraged to consult with your own legal, tax, and financial professionals for specific advice or product recommendations, or to go to your local Social Security Administration office regarding your particular situation.Guarantees are backed by the financial strength and claims-paying ability of Allianz Life Insurance Company of North America.• Not FDIC insured • May lose value • No bank or credit union guarantee • Not a deposit • Not insured by any federal government agency or NCUA/NCUSIFProducts are issued by Allianz Life Insurance Company of North America, 5701 Golden Hills Drive, Minneapolis, MN 55416-1297. (C64712-MVA)Product and feature availability may vary by state and broker/dealer.
Despite the fact that many know they need life insurance, nearly half of consumers do not have insurance, according to a 2021 LIMRA study. The most common reasons are that they think it is too expensive, they have other financial priorities, or they aren't aware of what they need and what type to purchase. To help you overcome the hurdles and make decisions to shrink your life insurance coverage gaps, we're sharing the top 10 reasons you need life insurance. https://www.youtube.com/watch?v=vuKJznszXbE So, if you have life insurance needs, doubts, interests, questions, or even fears, and you want straight-talk, no-nonsense answers… tune in now! Table of contentsWhy Do People Need Insurance?How Much Life Insurance Do You Need?10 Reasons People Buy Life InsuranceThe Benefits Outweigh the CostsIncome ProtectionPeace of MindTax Advantages to Grow Wealth FasterAdditional Retirement Income StrategiesAutomatic SavingsExcellent, Efficient Cash StorageAbility to Capitalize on OpportunitiesVelocity of MoneyGenerational WealthLinks for Further ReadingBook A Strategy Call Why Do People Need Insurance? [1:50] “I really just think it comes down to [the fact that] people do not want to face their own mortality. I think I said this once before on a podcast—we all know we're going to die, we just don't believe we're going to die.” It's almost an evolutionary development because if we were constantly obsessing over our mortality, the world would be a much different place. Even so, people think about their deaths the more they have to protect: families, estates, etc. Life insurance is the product that protects your family and estate if you die. Knowing that that protection is in place, you can sleep easier at night knowing that what matters to you will be taken care of no matter what. How Much Life Insurance Do You Need? Unfortunately, many families in the US are underinsured. Life insurance is perhaps one of the only insurance categories where this can happen. You can't underinsure your car or your house, nor would you want to. Yet people underinsure themselves all the time. One way this happens is because many people calculate their insurance by using a “needs analysis.” In other words they count out how much money they'd need to pay off their home, car, and other debt if they passed away. Sometimes they include the cost of their children's education. However, this doesn't account for any income. While this is of course a better approach than having no insurance, there's an even more effective way. It's called the human life value approach, or HLV. This is a way of calculating all the income you'd earn over your working years so that your insurance can act as a full income replacement. So if you're 30, you may multiply your annual income by 30 to get your HLV. If you're 50, you'd multiply it by about 10 or 20, depending. While this number seems shocking to many people, it's realistic. Insurance companies won't overinsure you, and they calculate HLV to determine the maximum amount of insurance you are entitled to. Many people don't start out with enough liquidity to pay the premiums for their full HLV. However, just by knowing what that number is, you can feel more confident in the amount of insurance you do choose to purchase. 10 Reasons People Buy Life Insurance We don't want to tell you what you “need,” because everyone has different circumstances. However, what we can do is share with you why people buy life insurance, and why they keep it. Hopefully, these can help you decide for yourself whether life insurance will be a benefit to you. The Benefits Outweigh the Costs [17:10] “Instead of painting in your mind ‘It's too expensive, I can't do it,' just check it out first. And then figure out if it's too expensive.” The problem with “too expensive” is that it means something different to different people. For some, it may mean that they can't fit it into their monthly expenses.
How do you keep your team engaged in a recession? WAEPA CEO Shane Canfield and The EnerGeo Alliance's VP of Communications and External Affairs, Gail Adams unpack this topic. M. Shane Canfield brings more than 25 years of experience in insurance and non-profit leadership to WAEPA.Shane came to WAEPA in 2016 and served previously as Executive Director of the Council on Employee Benefits. He has spent most of his career in the pooled-risk group/affinity insurance industry. In his role as WAEPA CEO, Shane is responsible for strategic planning and leadership, managing stakeholder relationships, and serving our Board of Directors in organizational oversight. With extensive experience in coalition building, government relations, and reporting to Boards, Shane leads WAEPA by consistently prioritizing member satisfaction, membership growth, and retention.He earned a Master of Business Administration (MBA) from George Mason University, a Bachelor of Science in Business Administration from Washington Adventist University, and is a board member for the Council of HR Management Associations, member of LIMRA, PIMA, International Foundation of Employee Benefit Plans (IFEBP), and is a past board member of the ASAE Business Services Inc. Additionally, Shane holds various certifications, including CEBS, RHU, CAE, SPHR, and SHRM-SCP.Gail Adams is the Vice President of Communications and External Affairs at the EnerGeo Alliance, an international upstream energy trade association. She has more than 20 years of experience in the environment and natural resources public policy arena and working with states and local governments. She has more than 30 years' experience in public affairs, non-profit organizations, and governmental affairs.She is a former Presidential Appointee as Director of the Office of Intergovernmental and External Affairs (OIEA) for the U.S. Department of the Interior (DOI), Immediate Office of the Secretary where she managed relationships between the DOI and Governors, state and local elected officials and the more than 6000 stakeholders and organizations that represent interests related to DOI. She also had a key role on the President's Task Force on Travel & Competitiveness and helped to craft the nation's National Travel and Tourism Strategy which brought the United States from 10th in the world back to first in market share for world tourism.Adams is a former television news anchor, public affairs show host, and radio personality. She is also a certified grants writer. Adams is a graduate of Louisiana State University.Main Takeaways:A unique behind-the-scenes view of how the energy and life insurance industries are fairing through the recession. There are a variety of ways to motivate people internally with training, progressive opportunities and in the community through collaborative work.Programs that bring diversity, equality and inclusion should never be put on the chopping board due to budget cuts as these initiatives create a stronger and more talented workforce to move your company forward.Professional development during the recession may include innovative thinking, changes in career direction, and obtaining additional training to pivot for employees.Always use the ART method when interacting with your employees. Be Authentic, have Representation and show Transparency. Learn the importance and spectrum of the energy industry and the imperative nature of life insurance.
There have been record number of annuities sold in the 3rd quarter of 2022 according to LIMRA. Fixed deferred and indexed annuities are seeing major growth year over year. In this show we discuss the main reason for these annuity purchases. The recent market volatility, desire for principal protection, and rising interest rates have created the perfect annuity storm.
There have been record number of annuities sold in the 3rd quarter of 2022 according to LIMRA. Fixed deferred and indexed annuities are seeing major growth year over year. In this show we discuss the main reason for these annuity purchases. The recent market volatility, desire for principal protection, and rising interest rates have created the perfect annuity storm.
Julie Keyes shares on Exit Planning for Family Business About: Julie Keyes is a Certified Exit Planning Advisor (CEPA) the founder of KeyeStrategies, LLC in Minneapolis, MN specializing in exit and transition consulting. Julie has been an entrepreneur most of her life. As the founder and operator of several companies, she understands the responsibilities of ownership and the struggles that come with the role of being an owner. She works with business owners who seek to understand and maximize their exit and critical transition options. She is actively involved with the Exit Planning Institute, as a faculty member, a member of its Leadership Council, and recipient of EPI's “Thought Leader of Year” in 2017 and 2022. She is also on faculty for Hoopis Performance Network and a Speaker Network member. Her speaking engagements for the financial services and entrepreneurial organizations have included NAIFA, WIFS, FPA, NAWBO, Merrill, UBS, LIMRA, Lincoln Financial Services, Principal Financial Group and Frost Bank Julie recently released the 2nd Edition of “Poised for Exit” a book which helps owners of privately held companies navigate the process of business exit. Her weekly podcast, also called “Poised for Exit”, provides content relevant to business owners and advisors alike, and can be found on all major podcast platforms. She also produced an online course specifically to help advisers educate their clients and prospects on the process of Exit Planning called “Business Transition Readiness: An Owner's Guide to the Process”. On a personal note, Julie and her husband Shaun have 8 children and 10 grandchildren, spending as much time with them as she can. She's also active in her parish and in the business community. Websites: https://keyestrategies.com/ and https://www.poisedforexit.com/
Employee benefits have taken a huge leap in importance, according to two new studies from the insurance-industry research group LIMRA. Listen as LIMRA's Kelly Landry and Unum Group's Cindy Nevers discuss five mega trends expected to change the industry – and enrollment tips for employers to implement now. The full reports are available to LIMRA members, and previewed in this special episode for HR Trends listeners. The studies: The first annual BEAT (Benefits and Employee Attitude) Tracker study surveyed employees to determine how benefits intersect with employee attitudes toward work. Harnessing Growth and Seizing Opportunity: The Future of Workforce Benefits presents megatrends to watch in the next several years, distilled from the insights of key industry stakeholders. [04:36]See the free LIMRA infographic [A1] on what employees think about work. [07:21]Money isn't everything, especially for millennials: Only about 30% of millennials said salary was the top reason to choose an employer. The rest prioritized factors like work/life balance, flexibility and benefits. [10:38]Benefits education and communication are vitally important: All stakeholders agree that helping employees understand their benefits is of mounting importance, especially for supplemental benefits. Rethink the emphasis on total self-service for benefits, especially for younger workers who have less experience buying and using insurance coverage [12:00]More is more: There is a strong correlation between employee satisfaction and the number of benefitsoffered. With five generations in the workforce, employers need to offer a large number of benefits employees can choose from based on their individual circumstances. See the free LIMRA infographic on what employees think about benefits. [20:38]Rethink your benefits spend: Because employees value quantity and choice, it may not always make senseto commit the vast majority of benefits spending to offering the most generous health insurance plan. Supplementing a less generous plan with voluntary benefits like accident and critical illness can offer similar protection for employees while allowing them to tailor benefits to fit their age, lifestyle, income and other circumstances. [23:38]Brokers aren't going anywhere, but their role will likely change: As it gets easier to obtain digital quotes for benefits, employers will call upon brokers more for advice, guidance and strategy consultation [26:07] Enlisting leadership in the communication effort will make employees feel more valued. [32:00]Featured speakers Kimberly LandryAssociate Research Director, LIMRAKimberly Landry is an Associate Research Director for Workplace Benefits Research at LIMRA. She conducts quantitative and qualitative research on hot topics within the employee benefits industry, with a specific focus on employer and employee perspectives. Cindy NeversNational Sales Leader Voluntary Benefits, Unum Group In her more than 30 years with Unum Group, Cindy Nevers has held a wide range of leadership roles for both Unum and Colonial Life brands. She has led oversight for Group Client Services, Global Services/Project Implementation & Journey transformation, Field Operations and Field Compensation, and Client Management. Cindy led national broker strategy at Colonial Life and most recently became the National Sales Leader for Voluntary Benefits at Unum.
We're kicking off Life Insurance Awareness Month with insights from Lai-Sahn Hackett, Corporate Vice President of Insurance at LIMRA and LOMA. With a focus on the details research reveals about consumers' awareness of life insurance today — and what that means to us as we talk with clients — we explore:The latest on client perceptions about life insurance What are the biggest opportunities in today's life insurance market How financial professionals can capitalize on the unmet need for life insuranceTips and talking points for building trusted client relationships For financial professional use only. Not intended for use with the general public.Insurance products are issued by: John Hancock Life Insurance Company (U.S.A.), Boston, MA 02116 (not licensed in New York) and John Hancock Life Insurance Company of New York, Valhalla, NY 10595. MLINY081822710-2
What role should an industry association play to support the growth of the life insurance and annuity business? This week's guest, David Levenson has invested a lot of time of energy answering this question. As President and CEO of LIMRA, LOMA & LLGlobal, Dave has redefined the mission, structure, and operations of our major industry association during a period of crisis and rapid change. Today, he gives us an update on the group's future direction and his perspective on major industry trends. Also, do you want to get regular updates on news about guests of our show? Go to https://thatannuityshow.com and subscribe to our newsletter. We hope you enjoy the show. Links mentioned in the show: https://www.linkedin.com/in/davidnlevenson/ https://www.limra.com/
Each year, September is designated as Life Insurance Awareness Month by LIMRA. In this episode, we talk about the following misconceptions: 1. Life insurance is too expensive 2. My workplace life insurance is too expensive. 3. It is too difficult to buy 4. I don't need life insurance until I am older. If you have any questions about life insurance or any financial topic, email david@parallelfinancial.com or click www.calendly.com/davidpf to set an appointment.
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